Privatization of EPF

This refers to the recent decision of the Central Board of Trustees of EPF[Employees Provident Fund] organisation to appoint private finanacial companies like HSBC,ICICI Prudential and Reliance Capital along with SBI to manage employees' fund and to bring higher returns through investement in Stock Market.
I wonder why it was necessary to take away this work from SBI? Was state Bank unable to manage it or this well managed state owned bank lacks expertise?
This decision marks the beginning of a process of privatization of workers' and employees' savings.Government should not forget that hundreds of thousands of people in the US had lost their money to private fund managers.